Report of Certain Debt of the State of Missouri and Certain Non-State Debt 2021

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by  Missouri General Assembly, Joint Committee on Legislative Research, Oversight Division

Oversight Division

Joint Committee on Legislative Research

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Report of Certain Debt

of the State of Missouri

and Certain Non-State Debt

as of June 30, 2021

Prepared for the Committee on Legislative Research
By the Oversight Division

Julie Morff, Director

Report by: Kim Bax

December, 2021
Table of Contents
COMMITTEE ON LEGISLATIVE RESEARCH ......................................................................................... i

LETTER OF TRANSMITTAL ................................................................................................................ ii

EXECUTIVE SUMMARY .................................................................................................................... iii

INTRODUCTION AND SCOPE ........................................................................................................... 1

HISTORICAL CHART OF BOND DEBT ............................................................................................... 1

STATE DEBT BONDS ..................................................................................................................... 2-9

STATE LEASES ........................................................................................................................... 10-12

NON-STATE DEBT & OTHER OBLIGATIONS .............................................................................. 13-18

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COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION

THE COMMITTEE ON LEGISLATIVE COMMITTEE ON LEGISLATIVE
RESEARCH is a permanent joint RESEARCH
committee of the Missouri General
Assembly comprised of the chair of the Senators:
Senate Appropriations Committee and
nine other members of the Senate and Senator Lincoln P. Hough, Chair
the chair of the House Budget Senator Lauren Arthur
Committee and nine other members of Senator Mike Bernskoetter
Senator Karla Eslinger
the House of Representatives. The
Senator Elaine Gannon
Senate members are appointed by the
Senator Dan Hegeman
President Pro Tem of the Senate and
Senator Denny Hoskins
the House members are appointed by
Senator John Rizzo
the Speaker of the House of
Senator Steven Roberts
Representatives. No more than six Senator Barbara Washington
members from the House and six
members from the Senate may be of Representatives:
the same political party.
Representative Cody Smith, Vice Chair
Representative Donna Baringer
Representative Dirk Deaton
Representative Christina Dinkins
Representative Bill Hardwick
Representative Dan Houx
Representative Keri Ingle
Representative Dan Shaul
Representative Mark Sharp
Representative Martha Stevens

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Julie Morff Room 132,
Director State Capitol
573.751.4143 Building
FAX Jefferson City,
573.751.7681 MO
Joint Committee on Legislative 65101
Research
Oversight Division
State of Missouri
STATE CAPITOL
JEFFERSON CITY, MISSOURI 65101

December, 2021

The Oversight Division is pleased to present the annual report on state bonded indebtedness
and other evidences of indebtedness as required by Section 23.195, RSMo. This report is a
summary of information compiled from state agencies and other governmental entities. Its
contents describe both state debt and non-state debt as of June 30, 2021. The information is
unaudited.

We have listed state debt, by agency, as well as non-state debt. It is important to mention the
State of Missouri has continued to maintain its AAA bond rating for general obligation bonds.
This means the state has a superior credit rating and can issue its bonds at a lower rate of
interest.

We hope this report will be helpful to the members of the General Assembly and encourage
you to contact our office if you have any questions regarding its content. You can obtain
additional copies of the report on the Oversight Division’s website at
www.legislativeoversight.mo.gov

Julie Morff
Director
ii
Executive Summary

Debt Outstanding: At the close of State fiscal year (FY) 2021, state debt totaled approximately
$2.66 billion in anticipated future principal and interest payments, a 13% decrease from the
previous year and a 59% decrease over ten years. The outstanding principal balance of State
debt totaled $2.2 billion with State Road Bonds making up approximately 62.5% of that total.
The principal balance of State debt has decreased approximately 50% since FY 2011.

Debt Service Payments: Projected debt service payments for FY 2022 total approximately $412
million, with approximately 70.9% of these payments being made from State road funds.

New Debt Issuance: During FY 2021, there was one new issuance of State debt. Board of Public
Buildings (BPB) bonds were issued in the amount of $172,850,000.

Debt Ratios: As of June 30, 2021, anticipated State debt principal and interest payments for all
future years totaled approximately $431 per Missourian ($2,655,543,000/6,154,913) based on
population estimates from the U.S. Census Bureau. Anticipated principal payments accounted
for $360 of the total with interest payments accounting for the remaining $71.

State Debt Per Capita
$1,200
$994
$1,000 $926
$830
$785
$800 $751
$703
$673 $673
$616 $590 $574 $603
$600 $518 $483 $526 $500
$427 $413 $431
$400 $360
I
$200
$0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Principal & Interest Principal Balance Principal Balance
■ ■
iii

Oversight Division
Bonds and Other Indebtedness Report
As of June 30, 2021

Introduction & Scope

Section 23.195, RSMo. directs the Oversight Division of the Committee on Legislative Research
to "...maintain a register of all state bonds or other evidences of indebtedness of all state
agencies and of entities of the state given authority by law to incur indebtedness, whether or
not the indebtedness is a liability of the state..." Subsection 2 of this statute requires that the
Oversight Division "...report on the total bonded and other indebtedness including lease
purchase agreements of this state and its various agencies, entities, and institutions to the
individual members of the general assembly..." This report provides members of the state
legislature with information regarding the amount of indebtedness incurred throughout the
state as of June 30, 2021 so that they may make informed decisions regarding expenditures and
appropriations.

Detailed information concerning the data presented in this report is available upon request
from the Oversight Division, Room 132, State Capitol.

Historical Chart of Debt

Anticipated State Debt Anticipated Non-State Debt
Year Principal balance of state Payments (future principal + Payments
End debt interest payments)
2021 $2,214,220,000 $2,655,543,000 $28,613,891,865
2020 $2,531,170,000 $3,066,091,000 $30,333,333,434
2019 $2,614,245,000 $3,224,443,000 $30,456,916,159
2018 $2,951,235,000 $3,683,888,000 $30,405,776,800
2017 $3,152,735,000 $4,098,926,000 $29,717,964,678
2016 $3,484,820,000 $4,562,699,000 $29,418,748,962
2015 $3,575,435,000 $4,757,931,000 $29,955,832,487
2014 $3,723,770,000 $5,016,482,000 $29,703,138,322
2013 $4,050,830,000 $5,579,823,000 $27,247,708,432
2012 $4,225,470,000 $5,976,519,000 $28,666,379,857
2011 $4,446,755,000 $6,416,930,000 $25,899,344,583
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